Premier's i-80 spinout raises C$88.4m
Toronto-listed Premier Gold subsidiary i-80 Gold has entered into an agreement to raise C$88.4-mllion in a private placement.
Premier will spin-out i-80 to shareholders upon the completion of a takeover by Equinox Gold.
i-80 will indirectly hold all Premier’s US-based assets, including the South-Arturo and McCoy-Cove properties in Nevada. Following completion of the Arrangement, i-80 intends to complete Premier’s previously announced acquisition of the Getchell project in Nevada.
In conjunction with the offering, Equinox has agreed to subscribe for 30% of the aggregate number of subscription receipts to be issued under the offering, up to a maximum aggregate subscription price of C$28.3-million. It is expected that management and affiliates will subscribe for up to C$5.8-million.
Proceeds of the offering would be used for working capital and general corporate purposes, to pay for exploration and development expenses and to fund the cash portion of the purchase price of the Getchell gold project from Waterton Global Resource Management.
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